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Japanese tire manufacturer sells business in Russia exiting market

Japanese tire manufacturer sells business in Russia exiting market Photo: Bridgestone exits Russian market (Getty Images)

Japanese tire manufacturer Bridgestone has sold its plant in Ulyanovsk, Russia, and has officially exited the Russian market, according to the company's release.

Bridgestone sold its plant in Ulyanovsk to the S8 Capital, owned by local entrepreneur Armen Sargsyan.

The company stated that it has received all necessary approvals from the Russian authorities to complete the deal. In addition to selling the Ulyanovsk plant, Bridgestone plans to sell its sales and marketing department in Moscow.

Bridgestone had been operating in Russia since 1998.

About Bridgestone

Bridgestone is a Japanese tire manufacturer, with 80% of its business comprising the production and sale of tires for cars, trucks, buses, commercial vehicles, airplanes, motorcycles, construction equipment, mining equipment, and agricultural machinery.

The remaining 20% involves the production and sale of conveyor belts, hoses, automotive seats, insulation materials, and sporting goods.

The company owns 178 plants and five technical centers in 27 countries worldwide, as well as ten proving grounds for tire testing in seven countries. In the Forbes Global 2000 list of the world's largest companies in 2022, Bridgestone ranked 464th.

International businesses exiting the Russian market

Following the imposition of sanctions by Western countries against Russia, several foreign brands have decided to sell their businesses in Russia.

Earlier, Japanese retailer Uniqlo decided not to renew the leases for all its stores in Russia, effectively ending its business operations in the country.

Moreover, Spotify's legal entity in Russia was liquidated on December 14, indicating that the music streaming service has completely ceased operations in the aggressor country.